Buying an Electric Vehicle (EV), is this beneficial to me and my business

3rd May 2022 | Uncategorised

Buying an Electric Vehicle (EV), is this beneficial to me and my business

Electric Vehicles (EV), everyone is talking about them and with the world finally waking up to the fact that we all have to do our bit and switching to EV’s is one way we can all have a big impact on the carbon footprint.

However, the subject of buying an EV and how affordable it is, is still not clear so we wanted to try and help with some information that will help you decide if and when you should convert to using one.

There are a number of benefits to you as an EV owner:

  • At the moment the second hand value of an EV is increasing and they can currently be sold for more than the initial purchase price.
  • Whilst the grants to fit charging points have gone, most manufacturers are helping buyers with this cost as well.
  • The current Benefit in Kind tax rate in the UK is 1%, increasing to 2% in 2022/23. This is far more affordable than the 25% for standard cars. Find out more on the government website.
  • The cost to charge and run an EV is a fraction of the cost to fill a car up with either petrol or diesel and with fuel prices so high this is extremely attractive.

With these benefits alone, an EV becomes not only an attractive asset for the business to own as it will increase in value but will also have a very small tax impact on individuals.

Over the past few years, some EV supporters have challenged the fact that the network of charging points across the country was not good enough to be able to use them but there is now an increasing network of high speed charging points, these typically take less than 20 minutes to deliver an 80% battery charge. The government has also committed to add a further 30,000 of these charging points in the next few years.

With this investment in infrastructure and several mobile phone apps providing the information that allows you to plan your journeys, EV’s are now a practical alternative to the traditional fuel vehicles we have all been used to.

To find out more about how owning an EV will benefit you and your business please contact us.